Independent illustrated book publisher Quarto received a 2.3 per cent bump to its shares yesterday after it reported “steady progress in 2014 despite a tough first half to the year”.
Following its last market update in November the group said it started the new calendar year with less debt and organic growth.
“The determination of our people to produce the highest quality publishing has helped ensure that Quarto has built upon its strong position as the leading global illustrated publisher,” said chief executive Marcus Leaver in the group’s trading update yesterday.
“I look forward to the business developing further in 2015, capitalising on our strengths, expanding our reach, and taking advantage of opportunities while continuing to bring down debt.”
Quarto’s debt has now fallen from $71m (£47.25m) at the end of 2013 to $66m at the end of 2014 following the sale of a $1.8m property in Switzerland.
“Quarto has undertaken a number of initiatives in the period, which strengthen the top-line performance: gift and stationery programme; more emphasis on children’s imprints; deals boosting the group’s global footprints,” said Peel Hunt analyst Malcolm Morgan.